• Novanta average price to free cash flow ratio for 2023 was 68.55, a 9.74% decline from 2022.
• Novanta average price to free cash flow ratio for 2022 was 75.95, a 40.7% decline from 2021.
• Novanta average price to free cash flow ratio for 2021 was 53.98, a 52.83% increase from 2020.

Price to free cash flow ratio can be defined as